tractorsfandomcom-20200215-history
AVCO
) |founder = |location_city = Greenwich, Connecticut |location_country = US |area_served = Worldwide |key_people = |products = aircraft engines, munitions, sensors, surveillance systems, farm equipment |revenue = |operating_income = |net_income = |assets = |equity = |num_employees = |parent = Textron |homepage = www.textron.com }} Avco Corporation is a subsidiary of Textron which operates Textron Systems Corporation and Lycoming, among others. History The Aviation Corporation was formed on March 2, 1929 to prevent a takeover of CAM-24 airmail service operator Embry-Riddle Company'' by Clement Melville Keys, who planned on buying Curtiss aircraft rather than Sherman Fairchild's. With capital from Fairchild, George Hann, the Lehman Brothers, and W.A. Harriman. the holding company began acquiring small airlines. By the end of 1929, it had acquired interests in over 90 aviation-related companies. In January 1930, the board broke off the airlines into Colonial and Universal Air Lines. Universal Air Lines name was changed to American Airways, and later merged with Colonial to form American Airlines. The company was required to divest American Airlines in 1934 due to new rules for air mail contracts. The Aviation Corporation ranked 32nd among United States corporations in the value of World War II production contracts.Peck, Merton J. & Scherer, Frederic M. The Weapons Acquisition Process: An Economic Analysis (1962) Harvard Business School p.619 Two months after World War II ended the Aviation Corporation branched into the manufacture of farm machinery with its acquisition of the '''New Idea Company in October 1945.“Scope Broadened by Aviation Corp.," New York Times, October 30, 1945 stating that AVCO “will purchase slightly over 50% of New Idea’s outstanding shares from the four managing officers of the company, Henry Synck and J.A, J.H. and T.H. Oppenheim” and “Mr. Synck will be retained as a consultant and director and each of the Messrs. Oppenheim will remain officers and directors." See also:”New Idea Development,” Celina Daily Standard, August 27, 1999, page 7A, Sidebar. See also:Brian Wayne Wells, “The New Idea Spreader Company (part 2 of 2 Parts)” Belt/Pulley Magazine, Vol.11, No.6, November/December 1998, Part 2, http://wellssouth.com/blog/?p=83 (accessed Nov. 8, 2010). AVCO, founded in 1928 as The Aviation Corporation, is now a subsidiary of Textron. In 1950, the last entirely orange wagon with green wheels and the New Idea motto, “Invention, Leadership, Quality,” rolled out of the Coldwater facility. The serial number of the wagon was 11,398 and the lot number was W-108. Wells, “The New Idea Spreader Company … Part 2” The company later changed its name to Avco Manufacturing Corporation, and then, in 1959, to Avco Corporation. In 1984 Avco sold its farm machinery division to White Farm Equipment and Avco was purchased by Textron. Textron Systems History , 1984 History, "Textron acquires Avco, including Lycoming, to become Avco Systems Textron", 2010, accessed 2010-11-27. Avco's affiliated company, Avco Financial Services, was spun off to Associates First Capital in 1998, which itself was acquired by Citigroup in 2000. Early companies bought or merged by Avco *Aviation Corporation formed March 29, 1929 *Southern Air Transport (Texas Air Transport, Texas Flying Service, St. Tammany-Gulf Coast Airway) *Colonial Air Lines – May 1929 *Colonial Western – May 1929 *Canadian Colonial Airways May 1929 *Embry-Riddle Aviation Corporation – Summer 1929, Embry-Riddle Flying School closed 1930 *Interstate Airlines – CAM-30 Summer 1929 *Fairchild Aircraft *Kreider-Reisner *The Superplane Company *Universal Air Line System Terminal Company *Midplane Sales and Transit Company *Northern Airplane Company *Air Transportation, Inc. *Robertson Flying School Inc. *Egyptian Airways Inc. (Marion Illinois) *Universal Aviation Corporation – bought by Avco in 1930 (Central Airlines - 1928,Paul R. Braniff Inc., Northern Air Lines (merger), Robertson Aircraft Corporation- (UAC merged in Nov 1928), Universal Air Lines (merger), Continental Air Lines – (CAM-16) *Universal Aviation Schools *Roosevelt Field, New York *Curtiss Field *Southwest Air Fast Express June 1931 AVCO timelineTextron Lycoming Turbine Engine, a Company History of AVCO and Lycoming/TextronAvco Financial Services, Inc. from the Lehman Brothers Collection – Twentieth Century Business ArchivesConsolidated Vultee Aircraft Corporation , U.S. Centennial of Flight CommissionGeneral Dynamics Corporation , U.S. Centennial of Flight CommissionCentral Manufacturing Co. of Connersville, Indiana, a history of Cord, AVCO, and others *1929 Aviation Corporation (AVCO) holding company formed by multiple participants *1932 Airplane Development Corporation formed by Gerard F. "Jerry" Vultee; Errett Lobban Cord] soon takes it over *1934 AVCO acquired the Airplane Development Corporation from Cord and formed the Aviation Manufacturing Corporation (AMC) *1936 AMC liquidated to form the Vultee Aircraft Division, an autonomous subsidiary of AVCO *1939 Vultee Aircraft Division of AVCO reorganized as an independent company known as Vultee Aircraft, Inc. *1941 Consolidated Aircraft Corporation sold to AVCO *1943 Consolidated-Vultee, known as Convair, formed by the merger of Consolidated Aircraft and Vultee Aircraft; still controlled by AVCO *1945 AVCO acquired New Idea from the heirs of Joseph Oppenheim who founded the farm machinery manufacturer in 1899. *1945 AVCO acquired Crosley Corporation from Powel Crosley Jr.https://blog.retroplanet.com/cars-radios-appliances-powel-crosley-jr-changed-industries/ *1947 Convair acquired by the Atlas Corporation *1947 AVCO name changed to Avco Manufacturing Corporation *1951 Purchased Bendix Home Appliances, South Bend, Indiana manufacturer of automatic clothes washers, combing Bendix Appliances with Crosely Applianceshttps://www.nytimes.com/1986/05/12/obituaries/judson-s-sayre.html *1956 Avco sold Bendix Home Appliances to Philco'''https://www.nytimes.com/1956/11/14/archives/bendix-sale-by-avco-to-philco-affirmed.html *1959 Avco Manufacturing Corporation name changed to '''Avco Corporation *1968 Avco acquires the developer of Bernardo, San Diego *1971 Avco acquires a stake in the developer of Laguna Niguel, California *1976 Sold rights to Crosley Appliances to Crosley Corporation, a new distributor who contracted for appliances from companies such as Whirlpool Corporation and Electrolux *1984 Avco sold the New Idea line of farm machinery to Allied Corporation, which then purchased the White Farm Equipment, forming White-New Idea *1984 Textron acquires Avco Corporation, renames it Avco Systems Textron *1985 Avco Systems Textron becomes Textron Defense Systems *1995 Textron Systems Corporation is created, consisting of what is now Textron Defense Systems, Textron Marine & Land Systems, and Lycoming Locations * Coldwater, Ohio (1945–1984)PR Newswire, December 8, 1999. “1999 AGCO To Close Its Coldwater, Ohio Facility Lockney, Texas Plant to Cease Production by Second Quarter The Free Library(December, 8), http://www.thefreelibrary.com/AGCO To Close Its Coldwater, Ohio Facility Lockney, Texas Plant to...-a058077591(accessed November 21, 2010)” * Stratford Army Engine Plant (1951–1976) * Nashville, Tennessee (1959–1985) See also * Avco World Trophy * AVCOAT 5026-39 * Crosley Broadcasting Corporation (later Avco Broadcasting Corporation) References External links * Textron website Category:Textron Category:Companies founded in 1929 Category:AVCO Category:Companies of the United States